Whale activity on Hyperliquid is increasingly shifting toward oil futures, as the platform’s HIP-3 market adds traction in both WTI and Brent contracts. Dune Analytics data show oil has climbed into the platform’s most-traded futures mix as prices push above key psychological levels.
The move suggests traders are rotating into commodities as crypto price action turns more stagnant. WTI became one of the top-traded HIP-3 contracts, while Brent also entered the top 10 and continued building open interest and volume. It added that some larger traders have already taken sizable leveraged positions tied to expectations of further upside in oil.
The next point to watch is whether oil keeps gaining share inside Hyperliquid’s non-crypto futures lineup or if activity fades once the rally cools. For market participants, the focus is on whether open interest and volume continue shifting toward energy contracts as macro volatility stays elevated.
Source: Dune Analytics, HIP-3 Metadata query.
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